BUSINESS

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BUSINESS

Meta reports 11% revenue growth

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Meta rebounds strongly

Meta recorded an 11% Q2 revenue increase to $32 billion. It is the company's best quarter since 2021.

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Cutting staff costs

Meta laid off 20,000 employees in pursuit of efficiency, resulting in reduced personnel costs and aiding the company's recovery.

3

Meta's Reels boom

Meta's Reels has 200B daily plays, boosting a strong quarter. AI recommendations enhanced Reels' popularity, taking its monetization run rate to $10B.

4

Ad revenue soars

Meta's Q2 2023 ad revenue rose to $31.5 billion, up from $28.2 billion in Q2 2022, overcoming challenges from Apple's privacy rules and reduced corporate spending.

5

Metaverse struggles

Meta's metaverse division Reality Labs lost $3.7B in Q2 while generating only $276M in revenue. Zuckerberg, however, remains optimistic.